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<li>The upstream oil and gas operations Company based in Australia has announced that it has entered into binding terms for a Farmout Participation Agreement with Burgundy Xploration LLC in relation to Project Phoenix, located on the North Slope of Alaska.</li>
<li>Under the agreement, 88 Energy's wholly owned subsidiary, Accumulate Energy Alaska, Inc., will be provided with a full carry for all costs associated with the upcoming horizontal well programme, including an extended flow test currently scheduled for H1CY26.</li>
<li>Burgundy will fully fund up to US$39m of Project Phoenix's total gross future work programme costs in exchange for up to an additional 50% Working Interest in Project Phoenix from 88 Energy.</li>
</ul>


The upstream oil and gas operations Company based in Australia has announced that it has entered into binding terms for a Farmout Participation Agreement with Burgundy Xploration LLC in relation to Project Phoenix, located on the North Slope of Alaska.
Under the agreement, 88 Energy's wholly owned subsidiary, Accumulate Energy Alaska, Inc., will be provided with a full carry for all costs associated with the upcoming horizontal well programme, including an extended flow test currently scheduled for H1CY26.
Burgundy will fully fund up to US$39m of Project Phoenix's total gross future work programme costs in exchange for up to an additional 50% Working Interest in Project Phoenix from 88 Energy.


Australia

88 Energy Limited is an oil and gas exploration company. The Company operates working interests in an offshore block in Morocco and Alaska.

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88 Energy Ltd (88E AU)

Hybridan Small Cap Feast: 17/02/2025

Burgundy will fully fund up to US$39m of Project Phoenix's total gross future work programme costs in exchange for up to an additional 50% Working...

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